Spectrum Mortgage closes on $550,000 cash-out refinance on owner occupied commercial warehouse near Jackson Memorial industrial sector. 36 month term at 8% with 1 year guaranteed. Originated on a Monday, inspected on Tuesday, closed the following Monday.
Spectrum Mortgage closes on a $1.1M luxury spec construction loan to build two 3,800 sq. ft. single family homes located on in Coral Gables. 9.875% rate, 18 month term.
Spectrum Mortgage closes on $12.75M loan for a luxury single family spec home located on Miami Beach. 8.75% rate at 61% LTV, 18-month term, I/O payments, no escrows. Sponsor needed to replace the ballooning construction loan and allow for marketing the property.
Spectrum Mortgage closes on a $12.75M ground up construction loan to build a luxurious 5-unit townhouse project with no pre-sales located in Coral Gables. 12% rate, 24 month term.
Spectrum closes on a $35M first mortgage construction loan facility to finish the development of an ultra-luxury 39-unit high-rise condominium building located in Coral Gables. Spectrum worked with the Sponsor to negotiate the capital structure which included the $35M first mortgage, equity, and subordinate debt sufficient to complete the project.
Spectrum Mortgage closes on a $13.75M construction loan to finish building a luxurious 9-unit townhouse project located in Coral Gables. 8.5% rate, 36 month term. 3 units pre-sold at time of loan closing.
Spectrum Mortgage closes on a $10M cash out luxury spec construction loan to complete a 18,000 sq. ft. single family home located in Coral Gables. 8% rate, 18 month term, non-US guarantor.
Spectrum Mortgage closes on $3.5M construction loan to complete the interior of a 5,453 square foot three-story penthouse unit on Brickell.
Spectrum Mortgage closes a loan on a $2.0M luxury Coral Gables, 2,196 sq ft, single family home. 8.875% rate, 24 month term. Home purchased as investment and held for future development.
Spectrum Mortgage closes on $6.5M spec construction loan to finish building a 6,200 sq. ft. luxury SFR on Hibiscus Island.
Spectrum Mortgage closes on $4.5M cash out refinance future development site on an Orlando land parcel. Zoned for high density residential and commercial.
Spectrum Mortgage closes on a $7.350M Coconut Grove single family residence spec construction plus contiguous land parcel.
Spectrum Mortgage closes on $5.95M loan for a ground up construction project located in Coral Gables. 36 month term, 65% LTV.
Spectrum Mortgage closes on $2.0M interim development loan on a vacant commercial strip center in Miami. 12 month term at 10%. Non-recourse.
Spectrum Mortgage closes on $400,000 loan for a luxury single family spec home located in Pinecrest. 9% rate, 18 month term.
Spectrum Mortgage structured a new loan facility secured by the pledge of a $10,550,000 PMM note held by the seller of a 70 acre parcel fronting International Drive in Orlando, FL. Spectrum advanced 100% of the note value @ 8% with no prepayment penalty.
Spectrum Mortgage Group, Inc. closes a $13,000,000 inventory loan on a newly constructed condominium project. Developer paid off construction and mezzanine debt while lowering caring costs. 8% for 18 months including interest reserve.
Spectrum Mortgage Group, Inc. closed on a $2.5M Bridge loan secured by a free standing office complex recently re-zoned for residential use in Naples Florida. Sponsor needed immediate funding to pay off a private loan in a multiple parcel collateralized transaction to free up funding for a new acquisition. Spectrum approved and funded the loan in 9 days.
Spectrum Mortgages Group, Inc. closed on a $10M bridge loan for the redevelopment of a 250 acre 40 year old golf course property to allow the sponsor time to create 94 residential resort lots, 51 estate lots, 24 golf villa lots an a 200 unit high rise condominium pad in addition to a 150 key hotel pad. Funds were arranged non recourse and allowed for the future advance of vertical development on the site.
Spectrum Mortgage Group, Inc. closed on a $3,500,00 bridge loan to finish the construction of a luxury four unit town home project in the heart of Coral Gables. Borrower needed immediate cash for the purchase of an investment land parcel to be use for additional town house development. Spectrum approved and closed the loan in 14 days.
Spectrum Mortgage Group, Inc. closes on owner occupied Ft. Lauderdale luxury ocean front condominium for $1,280,000 @ 60% LTV. Guarantor received the cash out business purpose loan fixed for 24 months to refinance several commercial properties owned by the same borrower.
Single Family Resident Cash Out Refinance. Spectrum closes on $1,500,000 loan @ 60% LTV on Ft. Lauderdale resident for business purpose. 7.875% fixed for 24 months with 9 months guarantee.
Spectrum Mortgage Group, Inc. closes on Hawker 1000A purchase. Borrower and Venezuelan guarantor needed to close quick on $2.4M purchase and received a $750,000 loan fixed for 12 months.
Spectrum closes $700,000 owner occupied luxury condominium loan, 50% LTV @ 7.875% for 24 months at the Jade Brickell. Proceeds provided for borrower to invest in his fast food business.
Prime Miami Beach investment home purchase of $2.8M with a new first of $1.8M fixed for 36 months @ 9%. Borrower purchased home to renovate and reposition for a future sale.
Spectrum Mortgage closes on another luxury condominium unit. Brickell Key luxury condominium refinance. Foreign National borrower. $500,000 @ 8% for 24 months. Closed in 6 days.
Spectrum Mortgage Group, Inc. closes another private loan. Ft. Lauderdale flex office space condominium and business loan. Funding of $900,000 for 24 months @ 9.25% for interior construction and equipment. No tenants in place at closing. Approved and closed in seven business days.